Tokio Marine and Intact Financial have led the latest round of fundraising for pay-per-mile motor insurer Metromile.
Tokio Marine and Canadian personal lines insurer Intact – along with New Enterprise Associates, Index Ventures, Future Fund and Section 32 – have committed $90mn to the San Francisco-based start-up.
Metromile – which offers car insurance through a pay-per-mile premium and automated claim model – said it would use the latest round of funding to explore the use of artificial intelligence in claims processing.
“Tokio Marine Holdings and Intact Financial are ideal partners to support our rapid growth and ongoing commitment to leveraging AI and machine learning to improve the entire insurance experience,” said Dan Preston, CEO of Metromile.
“This allows us to advance our use of sensors and automation to provide Metromile customers with the world’s simplest claims experience, while lowering the cost of car insurance and bringing technology to the forefront of the insurance industry,” he added.
Makoto Okada, group chief digital officer of Tokio Marine Holdings said: “Metromile is truly transforming the insurance industry with their technological infrastructure that combines machine learning and data to build the most seamless customer experience.”